After more than three decades, schizophrenia patients have a new treatment option. The US FDA has approved a drug, known as KarXT or Cobenfy. It comes without common side effects such as weight gain a

Bristol Myers Squibb stock jumped after the pharma company won approval for its new schizophrenia drug late Thursday. “This drug takes the first new approach to schizophrenia treatment in decades,” the Food and Drug Administration said.

Developed by Karuna Therapeutics, which was subsequently acquired by Bristol Myers Squibb, the drug works in an entirely different way from existing medications for schizophrenia, which is building excitement and enthusiasm among doctors and patients alike.